Earlier quoted context omitted.
Advertising can add value when it transmits novel information that would be hard to get some other way. But it usually doesn't. It's mainly an arms race to distort natural market outcomes. Coca Cola doesn't spend over a billion dollars a year advertising because they want to make you aware of some new fact. They just think they can make much more than that billion back by manipulating you.
Nice conspiracy theory. Advertising is there to make sure you're aware of something. It's telling you "Hey! There's this product/movie/service etc that you might not have known about". I find advertising extremely useful to know about new things.
Besides, if advertising didn’t exist or was illegal or something, couldn’t we just create a webapp to let people exchange information about interesting products and services and that would be the end of that problem. No need for information about products and services to be so pervasively integrated into every nook and cranny of our society.